The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
IPO revenues contributed a significant share of first half 2006 profits and were not repeated in 2007. Comparing profits for the first nine months without
the IPO income in 2006 reflects an increase of 30 per cent for continuing core profits.
The third quarter net profit has increased 46 per cent to Dh606.7 million compared to Dh418 million in the corresponding period in 2006 and 20 per cent over the Dh506 million reported for the second quarter of 2007. Total assets grew strongly to Dh100.4 billion reflecting an increase of 40 per cent over September 2006 assets of Dh71.9 billion. Net loans and advances increased Dh16.6 billion (+31 per cent) to Dh70.6 billion compared to Dh54 billion for the same period of 2006. The increase in loans was funded by increases in customer deposits of Dh13.8 billion (+32 per cent) to Dh53.8 billion over Dh40.9 billion in 2006 with significant increases across most deposit types. Eirvin Knox, Chief Executive Officer of ADCB stated that the bank has successfully replaced the one-off IPO profits with core income which is an indication of the strong recurring profit performance of the bank.
Knox went on to state that the investment portfolio of ADCB has been negatively affected by the turmoil in the international capital markets and we have taken a charge to third quarter profits of Dh70 million. We also took a charge to the bank capital of Dh213 million to reflect current market prices for investments. We consider these provisions to adequately reflect the situation of our portfolio of investments in the current market environment.
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
Dubai Police have asked drivers to be extra cautious
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022
Dubai Police have asked drivers to be extra cautious
The country has set a new Guinness World Record by creating the largest falcon hood, beating the previous record of 1.65 metres
Hamas' health ministry said that 94,616 people have been wounded since the conflict began on October 7
In most Islamic countries, including the Gulf countries, the Prophet's birthday is observed on 12 Rabi’ Al-Awwal 1444
Traffic will be diverted to the opposite side during this period